Irish Life&Per. Unentdeckter Vervielfacher?

Meine Frage geht in Richtung Aktienanzahl. Welche Angabe stimmt denn wirklich?
Sind es nun 277 Millionen oder hat es in der Zwischenzeit eine Kapitalerhöhung gegeben?  

ca. 277 Mio im Freefloat, der Rest (ca. 99,7%) im Staatseigentum  

Alter Ceo wird uns am 20.02. verlassen.
Das worst-case setzt hier nicht ein.
ILP soll nun neu aufgestellt werden und hat ja die letzten Stresstests mit Bravur
gemeistert.

Mal sehen was vor dem High Court heute erreicht wird.  

Hat jemand Info´s zu dem gestrigem Gerichtstermin, was ist besprochen bzw. beschlossen wurden ?

Vielen Dank im Voraus.  

bestellt Barclays banker Jeremy Masding :

http://www.irishtimes.com/newspaper/finance/2012/...224310361848.html  

http://www.independent.ie/business/irish/...n-for-ilandp-2993679.html  

"...Ireland was also the only nation without cities listed in the severely unaffordable category..."

http://www.independent.ie/business/...n-reach-of-workers-2997199.html

Die Rahmendaten bessern sich. Ein Hauptrisiko bleibt allerdings weiterhin die Politik.  

als gesunde Nischenbank scheint das Vorzugsmodell der Regierung zu sein :

"...The most likely outcome is that Permanent TSB's tracker mortgages will be "warehoused" in a separate vehicle, leaving a small, healthy bank..."

http://www.independent.ie/business/irish/...h-tsb-merger-3000365.html  

gibts hier neue Nachrichten von "der Front"?  Hab gestern meine Wamu (nach 2,5Jahren!) endlich verkauft und bin in ILP rein. Aber..... meine Stückzahlen können den Kurs unmöglich in Bewegung gebracht haben, oder doch....?  :-)

Gruß aus der Pfalz  

Bonität von Spanien und Italien wird gleich um 2 Stufen gesenkt.
Slowenien 2 Stufen runter.
Belgien und Zypern um 1 Stufe runter.

Irland behält sein Ranking.
Für mich ist Irland die Zukunft.
Klein und bald wieder fein.  

an irischen Banken ?

http://www.independent.ie/business/irish/...h-investment-3003002.html

Da diese Art Fonds Gewinnerwartungen von mehreren 100% bei ihren Investments haben, kann sich jeder selbst Kursziele berechnen. Andererseits ist genauestens zu beobachten, ob die Interessen der Altaktionäre berücksichtigt werden.  

http://www.independent.ie/business/irish/...andp-bailout-3003973.html  

http://www.independent.ie/business/irish/...party-status-3005776.html  

http://www.independent.ie/business/irish/...banks-stable-3005755.html  

Irish Life weiter abzustufen :

http://www.irishtimes.com/newspaper/finance/2012/...224311046953.html

Es scheint so, dass mögliche Käufer der Lebensversicherung mit Hilfe von Fitch den Preis drücken wollen.  

Ich hatte LN eine Email geschickt um ihre Einschätzung zu einigen Punkten zu erfahren. Leider gab's nur eine Standard Antwort :

Hi xxxxx,

Thanks for your mail. My role as a journalist is to report on what's going on, so I don't generally get into the sphere of expressing my personal opinions, particularly on matters of law such as whether someone is legally entitled to represent their company at a court case, or the merits of various legal arguments that are being played out in court in real time.

All the best,

Laura


-----Original Message-----
From: xxxxx
Sent: 01 February 2012 11:58
To: Laura Noonan
Subject: IL&P Questions

Dear Mrs Noonan,

As an investor of IL&P I'm reading your articles about the legal case with great interest. Since the beginning of the case you've written many interesting reports about IL&P and you certainly have a personal opinion about it. So, if you don't object I would be delighted if you could share your opinion about the following questions :

- The PTSB is not insolvent but an increase in capital seems indeed
inevitable. Though, do you agree that the stress-test includes totally unrealistic worst-case parameters and that the KE is set way too high ?

- In order to meet the required capital, Irish Life will sell the
Assurance Division (ILA). The estimated retail value is approximately 1-1.5 billion euros. However, the Irish State does not consider this as a contribution from the shareholders. Nonetheless, the shareholders are demanding that Mr.Noonan considers the sale of the ILA as a contribution from the shareholders to a capital increase and thus it should have an
impact in any possible shareholder participation. How do you see this?

- Some argue that in this particular case the use of the Credit Stabilization Act would be contrary to parts of the Irish Constitution (expropriation). Do you agree ?

- In your latest article from today, you wrote "But lawyers appearing for the Finance Minister claimed in court that Mr.Skoczylas was not entitled to represent a company since he was not a solicitor and had not been called to the bar". What's your personal opinion about Mr.Skoczylas as a solicitor in this case ?

I apologize if I bother you with these questions but I would be very grateful if you would answer my questions.

Thanks a lot in advance for your help !

Best regards,

xxxx
Luxembourg  

Scotchstone shareholder cannot represent firm, judge says

MARY CAROLAN

Thu, Feb 02, 2012

A HIGH Court judge has ruled that a man whose company bought some €200,000 worth of shares in Irish Life Permanent (ILP) in 2010 is not legally entitled to represent the company in proceedings challenging the Government’s recapitalisation of the bank.

Piotr Skoczylas, the controlling shareholder of Maltese-registered Scotchstone Capital Funds Ltd, indicated yesterday he may appeal Mr Justice Kevin Feeney’s ruling to the Supreme Court. In those circumstances, the hearing of preliminary issues in the challenge by Mr Skoczylas and others to the recapitalisation was adjourned to today.

Scotchstone, Mr Skoczylas, two ILP shareholders – Gerard Dowling and Pádraig McManus – and, in separate proceedings, investment fund Horizon Growth NV, are all challenging the recapitalisation on grounds including that it unlawfully imposes an unacceptable €2.7 billion burden on Irish and other EU taxpayers.

Yesterday, the judge rejected Mr Skoczylas’ application to be permitted to represent Scotchstone in the case. Mr Skoczylas had argued that the company did not have funds to hire lawyers as the costs being sought were “enormous”. One law firm indicated representation costs would amount to some €850,000, plus VAT, and it would cost about €35,000 just to file two legal documents, he said.

He said the Minister for Finance’s side “know about costs” as the Minister’s solicitors, Arthur Cox, had been paid fees of about €15 million relating to advice on the financial crisis. His company would be bankrupt if it had to hire lawyers. Twelve firms had been approached unsuccessfully to run the case on the basis they would be paid only if it was successful, he said.

While he himself bought shares in ILP in March 2010, the “hurt” inflicted by the recapitalisation on Scotchstone, which bought its shares in autumn 2010, was of greater magnitude and not comparable to that suffered by himself, he said. Scotchstone was one of the largest shareholders in ILP and the recapitalisation breached Irish and EU law as it hindered the free movement of capital.

Patrick McCann SC, for the Minister, said it appeared Scotchstone, while suffering an unrealised loss of €200,000, still had funds in securities of some €100,000 and it could hire lawyers if it “cut its cloth to suit its measure”. The law here clearly provided a company must be represented by a lawyer and cannot be represented by a managing director, shareholder or other officer of the company, he submitted.

Mr Justice Feeney said he was bound by a Supreme Court decision of 1968 (the Battle case) which found a limited company could not be represented in court proceedings by an officer of that company. The claim of inability-to- pay-lawyers did not constitute a rare and exceptional circumstance allowing Mr Skoczylas to represent the company, he added.

© 2012 The Irish Times

http://www.irishtimes.com/newspaper/finance/2012/...311111728_pf.html  

http://www.independent.ie/business/irish/...court-battle-3007740.html  

Denkst du dass Piotr jetzt die Waffen streckt und der Gerichtsprozess damit schon vor dem richtigen beginn bereits abgewürgt ist ?

oder gibt's ein Appeal am SC ?  

zeigt im Grunde, dass es der irischen Regierung nicht Recht ist, die Zwangskapitalisierung gerichtlich untersuchen zu lassen. Da die irische Regierung auch nicht interessiert ist, weitere Gelder per KE einzuschießen und im Grunde auch die bereits gezahlten Gelder möglichst schnell wieder in den Staatshaushalt zurückführen möchte, sollte sie der ILP anbieten, den Staatsanteil aus Gewinnen der kommenden Jahre zurückzukaufen. Die Aktionäre sollten damit leben können und ILP und die Politiker könnten sich wieder verstärkt um das eigene Geschäft kümmern.  

wer welche Interessen hat :

http://www.independent.ie/business/irish/...ife-division-3009169.html

Interessant, dass die privaten Berater gleich doppelt kassierten : Gebühren und CDS Zahlungen wegen der Anleiheenteignungen. Interessenkonflikt ?
Das zeigt schön, dass solide kaufmännische Berechnungen nicht möglich sind - auch nicht bei ILP.  

IL&P shareholder to challenge recapitalisation

Fri, Feb 03, 2012

A MAN whose company bought some €200,000 in shares in Irish Life & Permanent in 2010 is to appeal to the Supreme Court a ruling that he is not legally entitled to represent the company in challenging the Government’s recapitalisation of the bank.

Piotr Skoczylas, the controlling shareholder of Maltese-registered Scotchstone Capital Funds Ltd, said yesterday he intends to appeal Mr Justice Kevin Feeney’s finding that he is not legally entitled to represent Scotchstone. An appeal was in the public interest, he said.

Mr Justice Feeney had said he was bound by a Supreme Court decision of 1968 (the Battle case) which found a limited company could not be represented in court proceedings by an officer of that company.

The judge also said a claim of inability to pay lawyers’ fees advanced by Scotchstone did not constitute a rare and exceptional circumstance allowing Mr Skoczylas to represent the company.

The judge was ruling on the first of a number of preliminary issues raised in proceedings in which Mr Skoczylas, his company, two Irish Life & Permanent (IL&P) shareholders, Gerard Dowling and Padraig McManus and, in separate proceedings, an investment fund, Horizon Growth, are all challenging the recapitalisation on grounds including it unlawfully imposed an unacceptable €2.7 billion burden on Irish and other EU taxpayers.

Yesterday, Mr Skoczylas said he wished to adopt a practical approach and, notwithstanding his Supreme Court appeal, the hearing of the other preliminary issues should continue.

He had, “under protest”, obtained a solicitor to provide technical legal representation for Scotchstone during the remainder of the proceedings and would lodge the appeal after the preliminary issues hearing had concluded.

The hearing continues today when the court will hear arguments on the Minister’s motion seeking to have the applications by Mr Skoczylas and Scotchstone struck out on grounds they were brought out of time.

© 2012 The Irish Times

http://www.irishtimes.com/newspaper/finance/2012/...224311175644.html  

Super News, Piotr ist wieder im Geschäft !

High Court allows IL&P challenge

THE MINISTER for Finance has failed to secure a High Court order halting a challenge by an Irish Life & Permanent shareholder to the Government’s recapitalisation of the bank. The challenge is one of a number brought over the recapitalisation.

Lawyers for the Minister had argued that the challenge by Piotr Skoczylas, controlling shareholder of Maltese-registered Scotchstone Capital Funds Ltd which bought €200,000 shares in IL&P in autumn 2010, was notified outside the statutory five days allowed.

However, Mr Justice Kevin Feeney yesterday deemed that while the application may have been technically flawed, Mr Skoczylas had made a bona fide attempt to bring his challenge within the prescribed time limits and he would let it proceed.

The judge was ruling on one of a number of preliminary issues in an action in which Mr Skoczylas, his company, two IL&P shareholders – Gerard Dowling and Pádraig McManus – and, in separate proceedings, an investment fund Horizon Growth NV – are all challenging the recapitalisation.

The grounds of challenge include claims that the Minister’s move unlawfully imposes an unacceptable €2.7 billion burden on Irish and other EU taxpayers and hinders free movement of capital.

Earlier yesterday, David Barniville SC, for the Minister, said the Credit Institutions (Stabilisation) Act 2010 – under which the recapitalisation order was made – required the serving within five days of an order of notice of any legal challenge.

The Minister secured the order on July 26th, meaning any person wishing to object had until August 3rd to formally lodge their challenge, something which Mr Skoczylas and Scotchstone had failed to do, Mr Barniville submitted.

Mr Skoczylas is representing himself as an individual IL&P shareholder. The court heard he was in Malta at the relevant time and had been unable to get back to Ireland within the five days.

Mr Skoczylas instructed Mr Dowling and Mr McManus to lodge notice of their challenge on both his and Scotchstone’s behalf on August 3rd.

When they went to file that paper work at the central office of the High Court, they were told that Mr Skoczylas’s application was invalid because it lacked original documentation containing his signatures. A scanned copy of documents containing his signature was not acceptable. Mr Skoczylas returned to Ireland on August 6th.

In his ruling, Mr Justice Feeney said, while the time limit under the 2010 Act was “stringent and absolute”, there could be “no doubt Mr Skoczylas sought to bring his application within time. While his application could be faulted on technical grounds, the court considered it valid.

http://www.irishtimes.com/newspaper/finance/2012/...224311249272.html  

Warum sind das gute News? Was soll bei der ganzen Angelegenheit denn rauskommen?  

Warum das gute News sind ?

Wenn das Supreme Court Piotr's Anklage (und die der anderen Aktionäre) zustimmt dann würde offiziell feststehen dass Noonan's KE weit überzogen war und der PPS dadurch zu Unrecht in den Keller gepügelt wurde !!

Ich könnte mir in dem Fall sogar sehr gut vorstellen dass Noonan noch ein paar Mio auf den Tisch legen würde um die verbliebenen 1% Aktien (also die welche wir besitzen) auch noch zu übernehmen. Zur Erinnerung, Piotr legte sich mal auf 90cts als fairen Preis/Aktie fest.